Contact: David Frankil
703-522-4770, ext. 226
FOR IMMEDIATE RELEASE
January 16, 2008
BURNS-FAZZI, BROCK AND NAFCU SERVICES RELEASE 2007 EXECUTIVE COMPENSATION & BENEFITS SURVEY FINDINGS
WASHINGTON — Burns-Fazzi, Brock and Associates and NAFCU Services Corporation recently announced the availability of the complete 2007 NAFCU Executive Compensation and Benefits Survey report. An 18-minute webcast summarizing the survey findings is now available at www.nafcu.org/bfb. Conducted by an independent research firm, Clark & Chase, the survey was sent to all NAFCU member CEOs last May. Initial findings were presented at NAFCU’s Annual Conference in July 2007 in Honolulu.
The survey revealed that approximately 64 percent of NAFCU member credit unions offer nonqualified retirement plans to one or more executives. These include supplemental employee retirement plans (SERPs), split dollar plans and/or severance plans. Of these nonqualified plan recipients, CEOs achieved a median base salary of $132,000 at the time of the survey.
Additional salary findings indicated a slightly higher median salary in the Western region and slightly lower in the Midwest. Not surprisingly, real differences in median salaries appeared when the data was parsed by asset size. Smaller credit unions paid lower salaries. The median bonus paid to survey recipients was 10 percent.
The demographic profile of survey respondents indicate that more than half of CEOs have at least 15 years of experience in the CEO role. Approximately 65 percent are men, 51 percent are at least 55 years of age and 28 percent have advanced degrees. The complete report includes information on other executive positions and includes additional variables such as number of employees. “Very few surveys cover this topic specifically for credit unions, and fewer still couple compensation and benefits to offer a more comprehensive picture of executive compensation,” said NAFCU Services President David Frankil.
Burns-Fazzi, Brock and NAFCU plan to conduct the survey again in 2008 and into the foreseeable future. “The year-over-year comparisons will provide much-needed trend information and analysis to compensation and benefits decision makers.”
Burns-Fazzi, Brock, a Preferred Partner of NAFCU Services, will present 2008 survey findings at NAFCU’s Volunteers Conference in Marco Island, Fla., May 22-24, and NAFCU’s Annual Conference & Exhibition in San Diego, July 9-12. The survey report is complimentary to participating NAFCU members. It is available for $195 to non-participants and non-NAFCU members. Please contact Gayla Adams at Burns-Fazzi, Brock and Associates to receive a copy.
Burns-Fazzi, Brock & Associates is a leading compensation consultant in the financial services industry with focus on credit unions. Since 1995, it has provided an increasingly wide range of retirement benefits and other compensation-related services to executives, directors and employees of financial institutions. Burns-Fazzi, Brock’s broad expertise in the complex tax, accounting legal, regulatory, funding and administrative issues that govern the use of benefits/compensation programs by financial institutions allows it to deliver a wide range of solutions to clients. Learn more at www.bfbbenefit.com.
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value added products and services at a discount to credit unions. Currently, it offers 27 Preferred Partner programs to the credit union community. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.